Ministry of Corporate Affairs (MCA) is considering expanding the scope of PM Internship Scheme, which currently applies to the top 500 companies based on Corporate Social Responsibility (CSR) spending.
The move aims to increase internship opportunities for young professionals and enhance industry-academia collaboration.
The MCA has initiated consultations with industry leaders, including the Confederation of Indian Industry (CII), to finalize the framework for the scheme’s expansion.
Current Structure of PM Internship Scheme
The Prime Minister’s Internship Scheme, announced in Budget 2024, aims to provide internship opportunities to 1 crore youth over five years.
Under the current framework:
- Interns receive a monthly stipend of ₹5,000 and a one-time assistance of ₹6,000.
- Companies bear 10% of the internship cost from their CSR funds, which is tax-deductible.
- The scheme is voluntary, allowing companies to opt-in based on their CSR commitments.
PM Internship Scheme: Proposed Expansion Beyond Top 500 Companies
Industry representatives have recommended widening the scheme to include the top 1,000 companies based on CSR spending.
The MCA is conducting consultations in major cities, including Delhi, Mumbai, Bengaluru, Kolkata, and Chennai, to gather feedback from stakeholders.
The expansion could:
- Increase internship placements across diverse industries, including manufacturing, services, and technology.
- Enhance skill development by providing real-world exposure to a larger pool of students.
- Strengthen industry-academia partnerships, ensuring better alignment between education and employment needs.
Government’s Vision and Industry Response
Finance Minister Nirmala Sitharaman emphasized that the scheme will help youth gain real-time business exposure and prepare them for future employment.
Industry leaders, including CII President Sanjiv Puri, have welcomed the initiative, stating, “By offering on-the-job training, the scheme will cultivate a skilled workforce ready to take on future challenges.”
CII is actively working with MCA to develop a centralized portal for internship applications, ensuring seamless coordination between companies and applicants.
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